American State Bank Mortgage Rates, Fees & Info

Sioux Center, IA

LEI: 549300BNZVNK1XN85P72

Tax ID: 42-0318300

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    American State Bank is a smaller bank specializing in Home Purchase loans. American State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Sioux City, Spirit Lake, Minneapolis, and Chicago among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    American State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. American State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    259

    Origination Dollar Volume (All Markets)

    $67,995,000

    Awards

    American State Bank 30 Year Conventional Loans bronze American State Bank 30 Year Conventional Loans bronze
    Show all (2) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Outside of Metro Areas 186 $40,910,000 $219,946 $2,686 6.94%
    SIOUX FALLS, SD (FHA|USDA|VA) 29 $16,395,000 $565,345 $3,319 6.64%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 8 $1,490,000 $186,250 $2,240 6.70%
    Spirit Lake, IA (FHA|USDA|VA) 5 $1,315,000 $263,000 $3,450 6.93%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $1,220,000 $305,000 $3,576 6.47%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $860,000 $430,000 $9,852 6.38%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $770,000 $385,000 $4,298 6.63%
    Yankton, SD (FHA|USDA|VA) 1 $725,000 $725,000 $2,362 6.38%
    Sevierville, TN (FHA|USDA|VA) 1 $515,000 $515,000 $0 7.50%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $460,000 $230,000 $3,501 7.44%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $455,000 $151,667 $1,999 6.96%
    Norfolk, NE (FHA|USDA|VA) 1 $405,000 $405,000 $1,814 8.50%
    Oxford, MS (FHA|USDA|VA) 1 $355,000 $355,000 $4,927 6.88%
    SALEM, OR (FHA|USDA|VA) 1 $325,000 $325,000 $6,166 7.00%
    MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $295,000 $295,000 $3,650 6.38%
    Storm Lake, IA (FHA|USDA|VA) 1 $215,000 $215,000 $0 7.88%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $195,000 $195,000 $2,497 6.75%
    ROCHESTER, MN (FHA|USDA|VA) 1 $185,000 $185,000 $2,748 7.38%
    Brookings, SD (FHA|USDA|VA) 2 $180,000 $90,000 $0 7.25%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,860 6.38%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $155,000 $155,000 $5,422 6.50%
    AMES, IA (FHA|USDA|VA) 1 $145,000 $145,000 $1,525 6.38%
    Spencer, IA (FHA|USDA|VA) 2 $120,000 $60,000 $0 6.75%
    Worthington, MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.75%
    Aberdeen, SD (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.75%
    American State Bank's top markets include Sioux Falls, Sioux City, Spirit Lake, Minneapolis, and Chicago among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against American State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SIOUX FALLS
    Similarity Rank: 120
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276
    The First National Bank in Sioux Falls
    Similarity Rank: 299
    American Bank & Trust
    Similarity Rank: 374
    First Dakota National Bank
    Similarity Rank: 510
    Dacotah Bank
    Similarity Rank: 540
    Reliabank Dakota
    Similarity Rank: 578
    American State Bank
    Similarity Rank: 650
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 810
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 259 $67,995,000 $262,529 $2,900 6.89%

    For 2023, American State Bank's most frequently originated type of loan was Conventional, with 259 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 221 $60,665,000 $274,502 $3,067 6.84%
    Refi 26 $6,320,000 $243,077 $1,744 7.10%
    Home Improvement 6 $250,000 $41,667 $343 7.87%
    Other 3 $455,000 $151,667 $2,454 7.25%
    Cash Out Refi 3 $305,000 $101,667 $2,371 6.54%

    For 2023, American State Bank's most frequently cited loan purpose was Home Purchase, with 221 originations. The 2nd most popular reason was Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 126 $39,560,000 $313,968 $3,461 6.71%
    Other 67 $17,595,000 $262,612 $1,848 7.08%
    15 Year 32 $5,500,000 $171,875 $1,651 6.77%
    20 Year 22 $3,900,000 $177,273 $2,671 6.90%
    5 Year 7 $905,000 $129,286 $0 8.48%
    1 Year 2 $370,000 $185,000 $673 6.13%
    10 Year 2 $110,000 $55,000 $0 8.13%
    3 Year 1 $55,000 $55,000 $0 8.50%

    For 2023, American State Bank's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was Other, with 67 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 79 $17,555,000 $222,215
    $<1k 59 $11,495,000 $194,831
    $2k-3k 19 $5,475,000 $288,158
    $5k+ 12 $4,810,000 $400,833
    $3k-4k 8 $2,790,000 $348,750
    $4k-5k 6 $1,430,000 $238,333

    American State Bank's average total fees were $3,461, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 79 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 143 $40,445,000 $282,832
    7-8% 66 $11,880,000 $180,000
    5-6% 26 $11,920,000 $458,462
    Over 8% 22 $3,390,000 $154,091
    4-5% 2 $360,000 $180,000

    During 2023, American State Bank's average interest rate for loans was 6.71%, while their most frequently originated rate bucket for loans was 6-7%, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 96 $14,880,000 $155,000 $2,200 6.87%
    $200k-400k 85 $23,315,000 $274,294 $3,369 6.78%
    $100,000 or less 47 $2,805,000 $59,681 $1,522 7.31%
    $400k-600k 17 $8,205,000 $482,647 $3,527 6.76%
    $600k-1MM 10 $7,210,000 $721,000 $7,224 6.56%
    $1MM+ 4 $11,580,000 $2,895,000 $0 6.09%

    2023 saw American State Bank place emphasis on $100k-200k loans with 96 originations, totaling $14,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $12,830,000 $229,107 $3,557 6.91%
    $50k-75k 52 $9,010,000 $173,269 $2,014 6.92%
    $75k-100k 39 $7,825,000 $200,641 $2,901 7.05%
    $50k or less 29 $3,705,000 $127,759 $1,958 6.61%
    $150k-250k 24 $7,330,000 $305,417 $4,354 6.94%
    $250k+ 16 $7,410,000 $463,125 $4,149 6.84%

    American State Bank lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $50k-75k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 42 $9,110,000 $216,905 $2,497 6.66%
    20-30% 38 $7,410,000 $195,000 $3,349 6.71%
    <20% 23 $6,915,000 $300,652 $2,579 6.98%
    39% 9 $2,235,000 $248,333 $2,963 6.96%
    45% 9 $2,525,000 $280,556 $4,645 6.97%
    36% 9 $1,765,000 $196,111 $3,453 6.85%
    38% 9 $1,675,000 $186,111 $2,473 6.83%
    44% 8 $1,670,000 $208,750 $1,810 6.94%
    41% 8 $1,490,000 $186,250 $1,806 7.16%
    42% 6 $1,320,000 $220,000 $2,536 7.02%
    49% 6 $1,260,000 $210,000 $3,064 6.94%
    50-60% 6 $2,270,000 $378,333 $4,017 7.13%
    40% 5 $1,205,000 $241,000 $2,739 7.18%
    37% 4 $650,000 $162,500 $3,017 6.25%
    46% 3 $645,000 $215,000 $3,397 7.25%
    47% 3 $1,065,000 $355,000 $4,208 6.71%
    48% 2 $520,000 $260,000 $3,295 6.06%
    >60% 2 $550,000 $275,000 $1,615 7.38%
    43% 2 $320,000 $160,000 $1,611 6.19%

    American State Bank lent most frequently to those with DTI ratios of 30-36%, with 42 originations. The next most common DTI ratio? 20-30%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 199 $44,275,000 $222,487 $2,926 6.89%
    Not applicable 41 $19,555,000 $476,951 $0 6.87%
    Not provided 13 $2,695,000 $207,308 $2,350 7.00%
    Asian 3 $865,000 $288,333 $4,222 6.54%
    American Indian 3 $605,000 $201,667 $2,322 7.29%

    Approval Rates

    Total approvals of all applications
    94.74%

    American State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.19%

    American State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    50.0 1 $45,000 $45,000
    NA 258 $67,950,000 $263,372

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    259 $67,995,000 $262,529

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $7,695,000 $307,800 $1,614 6.98%
    40-60% 27 $6,985,000 $258,704 $1,904 6.80%
    60-80% 66 $16,230,000 $245,909 $3,661 6.75%
    80-100% 111 $33,115,000 $298,333 $2,947 6.83%
    Under 20% 30 $3,970,000 $132,333 $217 7.42%